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History of Ritesh Polyesters Ltd.

Ritesh Polyesters Limited was originally incorporated as Srinath Synthetics [Ps] Limited on 2nd September 1988 with the main object of Manufacturing Polyester suitings. The Comp. has been subsequently renamed as Ritesh Polyesters [Ps] Limited on 21.4.1993 & converted into Public Limited Comp. on 7.5.1993 in terms of special resolution passed on 1.3.93 under section 31[1s]/44 of Companies Act, 1956.

The Registered Office of Comp. is situated at 604, Swapnalok Complex, Sarojini Devi Road, Secunderabad & plant is situated at Nandigano Village, Nehaboob Nagar Taluk, Andhra Pradesh.

The Comp. has commenced the commercial operation in February 1990. The present installed capacity of Imported Water Jet Looms [Nissan makes] of Comp. for manufacture of polyester suiting is 31.76 lakhs metres per annum.

The operational & financial performance of Comp. have been satisfactory since its inception. The products of Comp. have been well accepted in the market & are being marketed by established dealers.

Encouraged by favourable market conditions for Cotton & Polyester fabrics & Texturised Polyester Yarn, the Comp. has taken a strategic decision to manufacture cotton fabrics, setting up an twisting & texturising unit for polyester yarn as backward integration to its present activities & to manufacture Blended suitings, shirtings and texturised yarn in addition to Grey cloths. The Comp. has already entered into a Memorandum of Understanding with CORNER MACHINERY U.K. LIMITED, UK for offtake of maximum of 15.00 lacs metres of Cotton fabrics per annum. The demand, in Andhra Pradesh, for Texturised & Twisted polyester yarn also exceeds the supply. These factors augurs well for diversification and backward integration scheme envisaged by the Company.